Stocks Make Comeback, but Haven't Fully Recovered From North Korea Selloff

12 Agosto 2017, 05:51 | Dolorita Barahona

Business
S&P Dow hit record highs as Apple climbs
Traders work on the floor

The strong earnings season helped propel US stocks to record highs.

Analysts said media and entertainment stocks also seemed to get caught up in the broader market drop, but emphasized it was often hard to isolate reasons behind specific stocks' movements. The Dow slid also fell 0.2 percent, to 22,085.34. The CBOE Volatility Index, known as Wall Street's "fear gauge", rose to its highest level of the year.

The S&P 500 turned negative and hit a session low after Trump said North Korea "best not make any more threats to the United States". "You'll feel good about serving it for your family".

Japan said on Tuesday it was possible that North Korea had already developed nuclear warheads and warned of an acute threat posed by its weapons programs as Pyongyang's continues missile and nuclear tests in defiance of United Nations sanctions.

"Refrigerated products are on the rise and we saw an opportunity to drive excitement in this section of the store with convenient soups and sides made with real ingredients and easy preparation", Nina Barton, SVP of Marketing, Innovation and Research & Development for the USA business at Kraft Heinz, said in the statement.

Nevsun Resources Ltd offset some of the material group's gains, plunging 16.4 per cent to C$2.75 after the company reported disappointing quarterly results.

Shares of Snap were off about 15 percent premarket following the social media company's earnings that came below estimates and a slew of price target cuts.

Kraft Heinz shares traded 0.1 percent stronger as of 2.07pm in NY.

The escalated talk of violence between the two countries simply provided an excuse for a selloff many investors consider overdue, some investors and analysts said. It usually moves opposite to stocks' movements and rises when the S&P 500 falls.

Emerging market stocks rose 0.29 percent.

"From a geopolitical perspective, we understand why the escalation in tensions will have shaken some of the complacency out of investors", said Eric Wiegand, senior portfolio manager at U.S. Bank Private Client Wealth Management.

The Dow rallied to another record high as well as the S&P 500 Index after the Labor Department said on Tuesday that job openings, a measure of labor demand, increased 461,000 to a seasonally adjusted 6.2 million, the highest level since the series started in December 2000. It slipped a bit Friday, but was still on track to end the week up more than 50%.

Markets had earlier stabilised as Tillerson tried to ease tensions, saying he did not believe there is "any imminent threat" to Guam, and expressed hope diplomacy would prevail.

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